Blackstone Set To Exit Mall Owner GGP With Stake Sale

By Natalie Rodriguez

Law360, New York (May 7, 2013, 8:35 PM ET) -- On the heels of a strong first quarter for General Growth Properties Inc., affiliates of the Blackstone Group LP will be selling off their remaining minority stake in the shopping center owner that they helped pull out of bankruptcy three years ago, according to a Tuesday regulatory filing.

The Blackstone funds will be selling about 23.4 million shares of common stock in a public offering underwritten by Citigroup Inc., the Chicago-based GGP said. That represents about 2.5 percent of GGP's outstanding common stock, according to investor...